The Lagos State House of Assembly is set to pass a landmark legislation that will drive investment in electric vehicles and expand the state’s energy sector beyond oil and gas.
The proposed law, titled the Ibile Energy Corporation Bill, seeks to replace the Ibile Oil and Gas Corporation Law of 2015. According to Speaker Mudashiru Obasa—represented by Deputy Speaker Mojisola Meranda at a public hearing on Thursday—the reforms are designed to position Lagos as a continental leader in clean transportation and sustainable energy.
“This initiative will cut down vehicular emissions, improve air quality, and align Lagos with global best practices in climate action,” Obasa said.
From Oil to Energy Diversification
The bill broadens Lagos’ energy mandate to cover renewable energy, coal, and other sustainable solutions. It empowers the new Ibile Energy Corporation to form partnerships with both local and international investors in oil, gas, and renewable energy projects, including marginal field operations and petroleum distribution.
Obasa linked the reforms to the 1999 Constitution’s Fifth Alteration (No. 16 Act of 2023), which shifted energy from the exclusive legislative list to the concurrent list, allowing states to play a more active role in shaping their energy policies.
“This is about giving Lagos a competitive edge, strengthening energy management, and attracting global investment,” the Speaker said.
Governance and Investment Framework
Chairman of the House Committee on Energy and Mineral Resources, Hon. Sobour Oluwa, explained that the bill establishes a governance structure for the corporation. This includes a Board of Directors, a Managing Director, funding models, and accountability measures such as annual audits and transparent financial reporting.
Lagos State Commissioner for Energy, Abiodun Ogunleye, described the bill as a “bold step toward global relevance,” adding that Ibile Energy would drive competitiveness, attract foreign partnerships, and enhance Lagos’ role in energy security.
“The long-term goal is a corporation that is financially stable, responsive to environmental demands, and able to compete with private sector operators,” Ogunleye noted.
Towards an Electric Future
One of the most significant provisions of the bill is the Assembly’s backing for electric vehicle (EV) adoption. Lawmakers say this is the first legislative step to advance green mobility in Lagos, with the potential to reduce reliance on fossil fuels, lower transport costs, and encourage private-sector investment in charging infrastructure and clean transit systems.
Stakeholders at the hearing welcomed the development but urged lawmakers to ensure the law balances sustainability with competitiveness and accountability.
If passed, the Ibile Energy Corporation Bill could mark a turning point for Lagos—transforming it not just into Nigeria’s economic hub, but also a continental leader in sustainable urban development.